Financing Terms and Process

Buying a new home can come with a variety of costs and challenges, which is why our home construction specialists strive to create the most value for you. Before you purchase your Amarillo home, it’s important to take the time to properly prepare for the financing process.

Below, you’ll discover the four steps to financing your new home, as well as tips you can follow to start the process.

S - Satisfactory Credit Score

T - Total Investment

E - Employment

P - Payment Affordability

Your credit score is a mathematical algorithm. The formula is derived from a model called Fair Isaac (FICO), where points are given for revolving credit, payment history, outstanding debt, available credit limits, and debt ratio.

Your credit score could change drastically just by paying down small debts. While we are not credit counselors, our preferred lender, NRL Mortgage can pull your credit score and provide guidance as to how to improve your credit score.

In order to purchase a home, potential buyers must have all of their finances in order. From closing costs and fees to agent commissions, individuals may opt out of purchasing because of the high investment cost.

However, many programs allow consumers to purchase a home with minimal investments:

Rural subdivisions qualify for USDA programs that create access for many people to purchase a home with zero down.

VA loans are zero down.

FHA loans are available to anyone with 3.5% down.

We give you the opportunity to own a home with little or zero investment. This provides buyers with the best chance to buy their home without the high investment costs.

The length of time you’ve been at your current employer is not as important as how long you’ve been employed in your field. There are exceptions that lenders will take into consideration, such as being a student or taking time off to have children. Ultimately, though, a well-employed buyer will have the best chance of moving into a new home!

Record-low interest rates and zero-down loans mean that the old line, “Payment equals 1 percent of your home price,” no longer applies. Stable costs and low interest rates make the affordability of owning a new home lower than any other time in history.

The rates have just been dropped again, making it even easier to afford more home for less. We’d love to sit down with you and help you calculate your payment. You’ll be amazed to learn how much home you can afford with our home construction specialists.